General Affairs
Tremor Hits Valley, Power Outage At Many Places
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SRINAGAR: An earthquake measuring 6.6 on the Richter Scale jolted the Valley today triggering panic among the residents and leading to power outage at many places.
The tremor struck the Valley at around 3:59 pm as people ran out of homes for safety, officials said.
The earthquake had its epicentre in the Hindukush mountain range of Afghanistan at 36.4 degrees North Latitude and 71.2 degrees East Longitude.
Panic-striken people rushed out of buildings for safety. The state had suffered a major earthquake in 2005 which had devastated several border areas in the Valley.
Many places in the city today witnessed power outage in the aftermath of the tremor, the officials said.
There was no immediate report of any loss of lives or damage to property, they said.
SRINAGAR: An earthquake measuring 6.6 on the Richter Scale jolted the Valley today triggering panic among the residents and leading to power outage at many places.The tremor struck the Valley at around 3:59 pm as people ran out of homes for safety, officials said.
Panic-striken people rushed out of buildings for safety. The state had suffered a major earthquake in 2005 which had devastated several border areas in the Valley.
Many places in the city today witnessed power outage in the aftermath of the tremor, the officials said.
There was no immediate report of any loss of lives or damage to property, they said.
Maldives President Arrives In India, To Hold Talks With PM Modi Tomorrow
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NEW DELHI: Maldivian President Abdulla Yameen Abdul Gayoom arrived in New Delhi today on a two-day visit during which he will hold talks with Prime Minister Narendra Modi on ways to expand cooperation between the two countries, particularly in areas of trade, investment and maritime security.
The Maldivian President was received at the airport by Minister of Tourism and Culture Mahesh Sharma.
Mr Gayoom is accompanied by a delegation including Minister of Foreign Affairs Dunya Maumoon, Minister of Fisheries and Agriculture Mohamed Shainee and three members of the Maldivian Parliament.
He will hold extensive talks with PM Modi tomorrow during which they are expected to explore ways to step up bilateral engagement in a range of areas including trade, investment and maritime security, sources said. The two sides would also ink a number of agreements to bolster bilateral engagement.
Mr Gayoom will also call on President Pranab Mukherjee.
Amid concerns over terrorist groups like ISIS attempting to radicalise the citizens of the archipelago nation, Maldives is in talks with India for setting up a bilateral counter-terrorism mechanism.
India and Maldives commemorated 50 years of diplomatic relations last year.
President Gayoom's first state visit after assuming office was to India in January 2014. He was among the SAARC leaders, who had attended the swearing-in of PM Modi in May, 2014.
External Affairs Minister Sushma Swaraj had visited Maldives in November 2014 and again in October 2015 for the India-Maldives Joint Commission which was held after 15 years.
The Maldivian President was received at the airport by Minister of Tourism and Culture Mahesh Sharma.
Mr Gayoom is accompanied by a delegation including Minister of Foreign Affairs Dunya Maumoon, Minister of Fisheries and Agriculture Mohamed Shainee and three members of the Maldivian Parliament.
He will hold extensive talks with PM Modi tomorrow during which they are expected to explore ways to step up bilateral engagement in a range of areas including trade, investment and maritime security, sources said. The two sides would also ink a number of agreements to bolster bilateral engagement.
Mr Gayoom will also call on President Pranab Mukherjee.
Amid concerns over terrorist groups like ISIS attempting to radicalise the citizens of the archipelago nation, Maldives is in talks with India for setting up a bilateral counter-terrorism mechanism.
India and Maldives commemorated 50 years of diplomatic relations last year.
President Gayoom's first state visit after assuming office was to India in January 2014. He was among the SAARC leaders, who had attended the swearing-in of PM Modi in May, 2014.
External Affairs Minister Sushma Swaraj had visited Maldives in November 2014 and again in October 2015 for the India-Maldives Joint Commission which was held after 15 years.
Over 100 People En Route To NIT Srinagar Disallowed To Enter State
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JAMMU: Around 150 young people who were on their way to Srinagar to express solidarity with the non-local students at the National Institute of Technology (NIT) were detained at Lakhanpur and not allowed to enter Jammu and Kashmir.
"Around 150 youth from Delhi, Punjab and Harayana who were on their way to Srinagar to join the NIT protest were not allowed to enter Jammu and Kashmir and were detained at Lakhanpur late last night from where they were sent back," a senior police officer said.
"Fearing the law and order problem, around 150 youth who tried to enter Jammu and Kashmir on a bus and a Tata Sumo were not allowed to enter the state and were sent back," the officer said.
Led by Tejinder Pal Singh Bagga of Bhagat Singh Kranti Dal the youth returned to New Delhi from Lakhanpur after police did not allow them to proceed towards the state.
The people were on their way to Srinagar for unfurling national tri colour at NIT to express their solidarity with non-local students there.
The young people comprising students of IT, engineering, architect and other courses had begun their journey under the banner of newly formed "Group of Citizens" from Delhi's Gurdwara Rakabgunj yesterday.
They were first stopped at Madhopur in Punjab, but were later allowed to proceed to Jammu and Kashmir after questioning by Punjab Police.
"We were going to Srinagar to tell non-local students at NIT-Srinagar that they are not alone in their fight against anti-nationals," Mr Bagga said.
Clashes occurred at NIT, Srinagar following team India's defeat against West Indies in the World Cup T20 semi-final.
JAMMU: Around 150 young people who were on their way to Srinagar to express solidarity with the non-local students at the National Institute of Technology (NIT) were detained at Lakhanpur and not allowed to enter Jammu and Kashmir."Around 150 youth from Delhi, Punjab and Harayana who were on their way to Srinagar to join the NIT protest were not allowed to enter Jammu and Kashmir and were detained at Lakhanpur late last night from where they were sent back," a senior police officer said.
"Fearing the law and order problem, around 150 youth who tried to enter Jammu and Kashmir on a bus and a Tata Sumo were not allowed to enter the state and were sent back," the officer said.
The people were on their way to Srinagar for unfurling national tri colour at NIT to express their solidarity with non-local students there.
The young people comprising students of IT, engineering, architect and other courses had begun their journey under the banner of newly formed "Group of Citizens" from Delhi's Gurdwara Rakabgunj yesterday.
They were first stopped at Madhopur in Punjab, but were later allowed to proceed to Jammu and Kashmir after questioning by Punjab Police.
"We were going to Srinagar to tell non-local students at NIT-Srinagar that they are not alone in their fight against anti-nationals," Mr Bagga said.
Clashes occurred at NIT, Srinagar following team India's defeat against West Indies in the World Cup T20 semi-final.
Won't Tolerate Those Who Care About Personal Interests: Mamata Banerjee
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KUMARGANJ: Facing Opposition heat over Narada sting operation, West Bengal Chief Minister and Trinamool Congress leader Mamata Banerjee today said she will not tolerate people who only "care about personal interests" in her party.
"TMC will not tolerate those who only care about personal interests. We don't have room for traitors in our party," Ms Banerjee told at an election rally at Safanagar in Kumarganj.
"CPI(M) has ruined Bengal for 34 years. They intimidated farmers, looted their land and even opened fire on them. Again they are saying if they return to power, they will spill blood. But, they will never win again," the West Bengal chief minister said.
Taking potshots at the Left Front-Congress alliance, she said, "Both Congress and CPI(M) leaders are busy arguing among themselves sitting in television studios. They are not on the field. I have personally toured the districts and reviewed the projects a number of times."
"In a never-before move, I had brought the entire state secretariat to the districts," Ms Banerjee said at the rally.
The Trinamool Congress chief also addressed two other rallies in South Dinajpur district in support of party candidates, one at Gangarampur and the other at Khagra Kudi in Kushmandi. She briefly felt uncomfortable after drinking water at Kushmandi rally, but recovered soon.
"TMC will not tolerate those who only care about personal interests. We don't have room for traitors in our party," Ms Banerjee told at an election rally at Safanagar in Kumarganj.
"CPI(M) has ruined Bengal for 34 years. They intimidated farmers, looted their land and even opened fire on them. Again they are saying if they return to power, they will spill blood. But, they will never win again," the West Bengal chief minister said.
Taking potshots at the Left Front-Congress alliance, she said, "Both Congress and CPI(M) leaders are busy arguing among themselves sitting in television studios. They are not on the field. I have personally toured the districts and reviewed the projects a number of times."
"In a never-before move, I had brought the entire state secretariat to the districts," Ms Banerjee said at the rally.
The Trinamool Congress chief also addressed two other rallies in South Dinajpur district in support of party candidates, one at Gangarampur and the other at Khagra Kudi in Kushmandi. She briefly felt uncomfortable after drinking water at Kushmandi rally, but recovered soon.
After 7-Month Lull, Pak Violates Border Ceasefire In Jammu And Kashmir
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JAMMU: After a lull of nearly seven months, the ceasefire on the Line of Control was violated again today with Pakistan army resorting to mortar shelling and firing in Poonch sector, a development that comes amid a fresh chill in relations between the two countries.
"The Pakistan army resorted to unprovoked ceasefire violation along the Line of Control (LoC) in the Poonch sector of Jammu and Kashmir," Defence spokesman Lt Col Manish Mehta said.
He said the Pakistan army resorted to heavy mortar and automatic weapon fire in the Shahpur area of Poonch sector at 4:30 hours.
"Our troops responded appropriately and no casualties or damage to our troops was reported," the spokesman added. The ceasefire violation comes after nearly seven months as last such incident took place on September 18, 2015 in the Balakote sector of Poonch district.
"Today's ceasefire violation is the first major such incident of 2016," a senior army officer said.
Last year, 16 civilians were killed and 71 others injured in 405 incidents of cross-border firing by Pakistan, the officer said.
While 253 incidents of ceasefire violations took place along the International Border (IB), 152 incidents were reported along the LoC, he said.
Around 8,000 people were temporarily affected due to the ceasefire violations and had to be shifted to safer locations.
JAMMU: After a lull of nearly seven months, the ceasefire on the Line of Control was violated again today with Pakistan army resorting to mortar shelling and firing in Poonch sector, a development that comes amid a fresh chill in relations between the two countries."The Pakistan army resorted to unprovoked ceasefire violation along the Line of Control (LoC) in the Poonch sector of Jammu and Kashmir," Defence spokesman Lt Col Manish Mehta said.
"Our troops responded appropriately and no casualties or damage to our troops was reported," the spokesman added. The ceasefire violation comes after nearly seven months as last such incident took place on September 18, 2015 in the Balakote sector of Poonch district.
"Today's ceasefire violation is the first major such incident of 2016," a senior army officer said.
Last year, 16 civilians were killed and 71 others injured in 405 incidents of cross-border firing by Pakistan, the officer said.
While 253 incidents of ceasefire violations took place along the International Border (IB), 152 incidents were reported along the LoC, he said.
Around 8,000 people were temporarily affected due to the ceasefire violations and had to be shifted to safer locations.
Business Affairs
10 FDI proposals worth Rs 505 crore cleared
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The government on Friday cleared 10 Foreign Direct Investment (FDI) proposals worth Rs.505 crore, based on the recommendations of the Foreign Investment Promotion Board (FIPB), an official statement said.
Of the 10 approved proposals, Singapore-based Helix Investment's FDI proposal was valued at Rs.475 crore.
While a total of 18 proposals were on the agenda, 10 were cleared, two were rejected and four were deferred of which Sharekhan's proposal was one.
The government on Friday cleared 10 Foreign Direct Investment (FDI) proposals worth Rs.505 crore, based on the recommendations of the Foreign Investment Promotion Board (FIPB), an official statement said.
Of the 10 approved proposals, Singapore-based Helix Investment's FDI proposal was valued at Rs.475 crore.
While a total of 18 proposals were on the agenda, 10 were cleared, two were rejected and four were deferred of which Sharekhan's proposal was one.
Passenger car sales up eight percent in 2015-16: SIAM
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Passenger car sales expanded by 7.87 percent to 2,025,479 units in the financial year 2015-16, data by the Society of Indian Automobile Manufacturers (SIAM) showed on Friday.
According to the data, the total passenger vehicle sales, which include cars, utility vehicles and vans, registered a growth of 7.24 percent to 2,789,678 units.
Further, sales of utility vehicles rose by 6.25 percent to 586,664 units, while the off-take of vans grew by 3.58 percent to 177,535 units.
The industry data for the last financial year showed a growth of 11.51 percent in the overall commercial vehicles segment sales - a key indicator of economic activity - which now stood at 685,704 units in 2015-16 from 614,948 units in 2014-15.
In addition, sales of three-wheelers showed a marginal growth of 1.03 percent in the year.
Sales in the overall two-wheelers segment, which includes off-take for scooters, motorcycles and mopeds, grew by 3.01 percent to 16,455,911 units in 2015-16 from 15,975,561 units sold in 2014-15.
"This year was good as well challenging for the Indian automotive industry. All segments grew, heavy commercial vehicles did extremely well, passenger cars grew mainly due to fantastic launches in the compact segment at very attractive price points," said Price Waterhouse partner and auto export Abdul Majeed.
"Growth for next fiscal year looks good with the lowering of interest rates, good monsoon, better liquidity, increased investment in rural economy as well as infrastructure and overall better off take in Indian economy," he added.
Besides, overall automobile exports grew by 1.91 percent in 2015-16.
The industry data for the month of March 2016 showed that passenger vehicles segment (passenger cars, utility vehicles and vans) showed a rise of 5.13 percent, despite a slight fall in the passenger cars sales.
The data showed that sale of total passenger vehicles augmented to 256,942 units last month as compared to 244,395 units in the corresponding month last year.
However, passenger car sales in the domestic market inched down by 0.30 percent, falling by 175,730 units in March as compared to 176,260 units in the like month of 2015.
"Some of the challenges such as uncertainty relating to diesel vehicles in NCR (national capital region), infrastructure cess and distress in rural economy has impacted the growth and will continue to impact it in future," Majeed added.
The total demand for commercial vehicles surged by 22.03 percent to 79,865 units during the month under review.
The sales figure of three-wheelers stood at 51,142 units -- up 20.54 percent, and of two-wheelers stood at 1,467,714 units -- up 10.92 percent.
In addition, overall exports across categories, too, grew by 6.53 percent during last month, increasing to 268,247 units sold abroad from 251,806 units shipped out during the like month in 2015.
Passenger car sales expanded by 7.87 percent to 2,025,479 units in the financial year 2015-16, data by the Society of Indian Automobile Manufacturers (SIAM) showed on Friday.
According to the data, the total passenger vehicle sales, which include cars, utility vehicles and vans, registered a growth of 7.24 percent to 2,789,678 units.
Further, sales of utility vehicles rose by 6.25 percent to 586,664 units, while the off-take of vans grew by 3.58 percent to 177,535 units.
The industry data for the last financial year showed a growth of 11.51 percent in the overall commercial vehicles segment sales - a key indicator of economic activity - which now stood at 685,704 units in 2015-16 from 614,948 units in 2014-15.
In addition, sales of three-wheelers showed a marginal growth of 1.03 percent in the year.
Sales in the overall two-wheelers segment, which includes off-take for scooters, motorcycles and mopeds, grew by 3.01 percent to 16,455,911 units in 2015-16 from 15,975,561 units sold in 2014-15.
"This year was good as well challenging for the Indian automotive industry. All segments grew, heavy commercial vehicles did extremely well, passenger cars grew mainly due to fantastic launches in the compact segment at very attractive price points," said Price Waterhouse partner and auto export Abdul Majeed.
"Growth for next fiscal year looks good with the lowering of interest rates, good monsoon, better liquidity, increased investment in rural economy as well as infrastructure and overall better off take in Indian economy," he added.
Besides, overall automobile exports grew by 1.91 percent in 2015-16.
The industry data for the month of March 2016 showed that passenger vehicles segment (passenger cars, utility vehicles and vans) showed a rise of 5.13 percent, despite a slight fall in the passenger cars sales.
The data showed that sale of total passenger vehicles augmented to 256,942 units last month as compared to 244,395 units in the corresponding month last year.
However, passenger car sales in the domestic market inched down by 0.30 percent, falling by 175,730 units in March as compared to 176,260 units in the like month of 2015.
"Some of the challenges such as uncertainty relating to diesel vehicles in NCR (national capital region), infrastructure cess and distress in rural economy has impacted the growth and will continue to impact it in future," Majeed added.
The total demand for commercial vehicles surged by 22.03 percent to 79,865 units during the month under review.
The sales figure of three-wheelers stood at 51,142 units -- up 20.54 percent, and of two-wheelers stood at 1,467,714 units -- up 10.92 percent.
In addition, overall exports across categories, too, grew by 6.53 percent during last month, increasing to 268,247 units sold abroad from 251,806 units shipped out during the like month in 2015.
India can't grow in isolation, says Foreign Secretary S Jaishankar
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Highlighting the importance of cooperation and connectivity in the country's neibhourhood policy, Foreign Secretary S Jaishankar on Friday said "India cannot grow in isolation".
While access to service and movement of people has become difficult in today's world, "people lose out by remaining disconnected", he said at an event here.
"India cannot grow in isolation. We find it much harder to do so without the support of the region. For that reason, it is imperative that cooperation and connectivity with neighbours grow rapidly.
"This is the essence of our neighbourhood policy...We don't expect this to be easy path but are confident that obstacles in path would be overcome. It is for Indian diplomacy to address the imbalances which have constrained neighbourhood partnership," Jaishankar said.
He further said "fruits" of partnership is already "visible to our neighbours".
"Each of our neighbours wants to invest here and built connectivity projects. Everyone wants to make money out of India," he said.
Referring to movement of people, he said "we have had visa issues with the US. We had visa issues with the UK".
"These are the challenges we are facing today...global trade discourse has to be fairer then it is today," he added.
Jaishankar said India's neighbouring countries are all taking advantage of various connectivity and infra projects that the country is developing.
He further said Asean holds an important position in India's foreign policy.
"Today we have started supplying power to Myanmar for the first time," he said, adding this is a culmination of the government's aggressive Look East policy.
India is doing all it can to strengthen ties with China, Korea and Japan.
He said a number of economic corridors, industrial parks and connectivity projects are coming up in India in collaboration with foreign countries.
Talking about the US, he said both sides are having "deeper cooperation".
"India's foreign policy is conscious of fact that demands are going to grow ... Pressures of international economic consequences pose as a challenge," he said.
He said that energy security forms a crucial part of Indian diplomacy and a focus will be on hydroelectric projects and expanding nuclear energy programme.
Every Indian embassy around the world has a commercial attache, which shows the government's focus on inviting investments and also investing abroad, the Secretary said.
On India-Iran trade relationship, Jaishankar said it was constrained due to sanction.
"Iran offers us way to Afghanistan. We are working with Iran to set up a port," he said.
On the issue of manpower in external affairs, he said there are constraints but the government is trying to overcome by increasing intake.
"Are you stretched for people? Yes I am," he said, adding the existing staff has also stretched their work to meet the shortfall of headcount.
Highlighting the importance of cooperation and connectivity in the country's neibhourhood policy, Foreign Secretary S Jaishankar on Friday said "India cannot grow in isolation".
While access to service and movement of people has become difficult in today's world, "people lose out by remaining disconnected", he said at an event here.
"India cannot grow in isolation. We find it much harder to do so without the support of the region. For that reason, it is imperative that cooperation and connectivity with neighbours grow rapidly.
"This is the essence of our neighbourhood policy...We don't expect this to be easy path but are confident that obstacles in path would be overcome. It is for Indian diplomacy to address the imbalances which have constrained neighbourhood partnership," Jaishankar said.
He further said "fruits" of partnership is already "visible to our neighbours".
"Each of our neighbours wants to invest here and built connectivity projects. Everyone wants to make money out of India," he said.
Referring to movement of people, he said "we have had visa issues with the US. We had visa issues with the UK".
"These are the challenges we are facing today...global trade discourse has to be fairer then it is today," he added.
Jaishankar said India's neighbouring countries are all taking advantage of various connectivity and infra projects that the country is developing.
He further said Asean holds an important position in India's foreign policy.
"Today we have started supplying power to Myanmar for the first time," he said, adding this is a culmination of the government's aggressive Look East policy.
India is doing all it can to strengthen ties with China, Korea and Japan.
He said a number of economic corridors, industrial parks and connectivity projects are coming up in India in collaboration with foreign countries.
Talking about the US, he said both sides are having "deeper cooperation".
"India's foreign policy is conscious of fact that demands are going to grow ... Pressures of international economic consequences pose as a challenge," he said.
He said that energy security forms a crucial part of Indian diplomacy and a focus will be on hydroelectric projects and expanding nuclear energy programme.
Every Indian embassy around the world has a commercial attache, which shows the government's focus on inviting investments and also investing abroad, the Secretary said.
On India-Iran trade relationship, Jaishankar said it was constrained due to sanction.
"Iran offers us way to Afghanistan. We are working with Iran to set up a port," he said.
On the issue of manpower in external affairs, he said there are constraints but the government is trying to overcome by increasing intake.
"Are you stretched for people? Yes I am," he said, adding the existing staff has also stretched their work to meet the shortfall of headcount.
Bank Board Bureau holds first meet, discusses stressed assets
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The maiden meeting of the newly-constituted Bank Board Bureau (BBB) on Friday discussed board-level vacancies as well as recognising stressed assets and resolving issues around them.
The Bureau, headed by former comptroller and auditor general of India (CAG) Vinod Rai, also discussed strategies for recapitalising banks and making them more competitive, Minister of State for Finance Jayant Sinha told reporters here.
Sinha, who along with RBI Governor Raghuram Rajan was part of the initial deliberations of the Bureau in Mumbai, said filling up of vacancies of directors and non-executive chairmen was discussed at the meeting.
"Second, how to better recognise the stressed assets and if there are some hurdles, then how to solve them was discussed," said the minister, who flew down here from Mumbai after the initial round of discussions.
Recapitalising banks and strategies around it also figured in the discussions. "How that will happen, how the government and RBI will work with banks' boards was discussed," he said.
The agenda was also to deliberate on making banks more competitive if they have to compete in this changing financial landscape. "Then, what the role of consolidation will be and how much capital it will require from the government also came up," he said.
The day-long meeting was held at the Reserve Bank's office in central Mumbai.
Besides Rai, Bureau members -- ICICI Bank's former Joint Managing Director H N Sinor, Bank of Baroda's former CMD Anil K Khandelwal and rating agency Crisil's ex-chief Rupa Kudwa -- were present.
Its ex-officio members -- Ameising Luikham, Secretary Department of Public Enterprises, and R Gandhi, Deputy Governor, Reserve Bank -- too attended.
The Bureau has three ex-officio members and an equal number of expert members in addition to the chairman.
In the initial phase of today's meeting, Sinha, Rajan and his deputy S S Mundra were also present, but left early.
"Excellent discussions at the Banks Board Bureau meeting today!" Sinha tweeted.
The Bank Board Bureau has been constituted to help the government select heads of public sector banks and financial institutions and assist banks in developing strategies and capital-raising plans.
There are 22 state-owned banks in the country, including SBI, IDBI Bank and Bhartiya Mahila Bank.
BBB was proposed by the government as a body of eminent professionals and officials, which will replace the Appointments Board for appointment of whole-time directors as well as non-executive chairman of PSBs.
They will also constantly engage with the board of directors of all the public sector banks to formulate appropriate strategies for their growth and development.
The Bureau will search and select heads of public sector banks and help them develop differentiated strategies of capital-raising plans for innovative financial methods and instruments.
It will also be responsible for selection of non-executive chairman and non-official directors on the boards.
Besides, the body will steer strategy discussion on consolidation based on requirements.
The maiden meeting of the newly-constituted Bank Board Bureau (BBB) on Friday discussed board-level vacancies as well as recognising stressed assets and resolving issues around them.
The Bureau, headed by former comptroller and auditor general of India (CAG) Vinod Rai, also discussed strategies for recapitalising banks and making them more competitive, Minister of State for Finance Jayant Sinha told reporters here.
Sinha, who along with RBI Governor Raghuram Rajan was part of the initial deliberations of the Bureau in Mumbai, said filling up of vacancies of directors and non-executive chairmen was discussed at the meeting.
"Second, how to better recognise the stressed assets and if there are some hurdles, then how to solve them was discussed," said the minister, who flew down here from Mumbai after the initial round of discussions.
Recapitalising banks and strategies around it also figured in the discussions. "How that will happen, how the government and RBI will work with banks' boards was discussed," he said.
The agenda was also to deliberate on making banks more competitive if they have to compete in this changing financial landscape. "Then, what the role of consolidation will be and how much capital it will require from the government also came up," he said.
The day-long meeting was held at the Reserve Bank's office in central Mumbai.
Besides Rai, Bureau members -- ICICI Bank's former Joint Managing Director H N Sinor, Bank of Baroda's former CMD Anil K Khandelwal and rating agency Crisil's ex-chief Rupa Kudwa -- were present.
Its ex-officio members -- Ameising Luikham, Secretary Department of Public Enterprises, and R Gandhi, Deputy Governor, Reserve Bank -- too attended.
The Bureau has three ex-officio members and an equal number of expert members in addition to the chairman.
In the initial phase of today's meeting, Sinha, Rajan and his deputy S S Mundra were also present, but left early.
"Excellent discussions at the Banks Board Bureau meeting today!" Sinha tweeted.
The Bank Board Bureau has been constituted to help the government select heads of public sector banks and financial institutions and assist banks in developing strategies and capital-raising plans.
There are 22 state-owned banks in the country, including SBI, IDBI Bank and Bhartiya Mahila Bank.
BBB was proposed by the government as a body of eminent professionals and officials, which will replace the Appointments Board for appointment of whole-time directors as well as non-executive chairman of PSBs.
They will also constantly engage with the board of directors of all the public sector banks to formulate appropriate strategies for their growth and development.
The Bureau will search and select heads of public sector banks and help them develop differentiated strategies of capital-raising plans for innovative financial methods and instruments.
It will also be responsible for selection of non-executive chairman and non-official directors on the boards.
Besides, the body will steer strategy discussion on consolidation based on requirements.
Banks likely to cut interest rates in coming days: Official
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Economic Affairs Secretary Shaktikanta Das on Friday said banks are expected to cut interest rates over the next few days following the recent repo rate cut by the Reserve Bank of India (RBI).
"Banks are autonomous and the government has given very strong signal by maintaining the fiscal deficit at 3.5 percent and resetting small savings rates," Das told reporters on the sidelines of an event here.
"RBI has reduced the policy rate by 25 basis points. One would expect banks to take a policy call and I am sure they would do it in the days and weeks to come," he said.
He added that banks are now also expected to make effective transmission of rates.
"We would expect the banks to do a more effective transmission of rates. I do expect banks to take steps in that direction," he said.
Comforted by the central government's fiscal prudence steps, a cut in interest rates on small savings rates and moderate inflation, India's central bank on Tuesday cut its key lending rate by 25 basis points (bps) in the first monetary policy review for the current fiscal.
The repurchase rate, or the short-term lending rate for commercial banks on loans taken from the RBI, stands lowered to 6.5 percent from 6.75 percent. The reverse repurchase rate, or the short-term borrowing rate, has been adjusted upward to 6 percent from 5.75 percent.
Das also said that with inflation under control, India is moving towards a low interest rate regime.
"We are looking at a regime of low interest rates, thanks to inflation being under control and various measures which the government has taken.
"The finance minister has given a very strong message that India should move to a low interest regime by sticking to the fiscal deficit of 3.5 percent," he said.
Announcing the rate cut on Tuesday, RBI Governor Raghuram Rajan declared that the stance of monetary policy will remain accommodative and the bank "will continue to watch macroeconomic and financial developments in the months ahead with a view to responding with further policy action as space opens up". He also said it was more important at this juncture to ensure that all the rate cuts made since last year transmit to lending rates.
Economic Affairs Secretary Shaktikanta Das on Friday said banks are expected to cut interest rates over the next few days following the recent repo rate cut by the Reserve Bank of India (RBI).
"Banks are autonomous and the government has given very strong signal by maintaining the fiscal deficit at 3.5 percent and resetting small savings rates," Das told reporters on the sidelines of an event here.
"RBI has reduced the policy rate by 25 basis points. One would expect banks to take a policy call and I am sure they would do it in the days and weeks to come," he said.
He added that banks are now also expected to make effective transmission of rates.
"We would expect the banks to do a more effective transmission of rates. I do expect banks to take steps in that direction," he said.
Comforted by the central government's fiscal prudence steps, a cut in interest rates on small savings rates and moderate inflation, India's central bank on Tuesday cut its key lending rate by 25 basis points (bps) in the first monetary policy review for the current fiscal.
The repurchase rate, or the short-term lending rate for commercial banks on loans taken from the RBI, stands lowered to 6.5 percent from 6.75 percent. The reverse repurchase rate, or the short-term borrowing rate, has been adjusted upward to 6 percent from 5.75 percent.
Das also said that with inflation under control, India is moving towards a low interest rate regime.
"We are looking at a regime of low interest rates, thanks to inflation being under control and various measures which the government has taken.
"The finance minister has given a very strong message that India should move to a low interest regime by sticking to the fiscal deficit of 3.5 percent," he said.
Announcing the rate cut on Tuesday, RBI Governor Raghuram Rajan declared that the stance of monetary policy will remain accommodative and the bank "will continue to watch macroeconomic and financial developments in the months ahead with a view to responding with further policy action as space opens up". He also said it was more important at this juncture to ensure that all the rate cuts made since last year transmit to lending rates.
General Awareness
Centre to Issue Universal ID-Cards for Differently-Abled People
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Union government is set to issueuniversal identity cards to the physically challenged with the objective of providing them easy access to various benefits being extended by the government
- The government was progressing towards distribution of modern motorized wheelchairs with British financial assistance and was also taking up the manufacturing of tricycles with German technological backup.
- Besides, steps were taken to provide barrier–free access to all government buildings in 50 cities and towns in a phased manner.
- The cochlear implantations costing Rs.6 lakh were being done free of cost with the help of donations that comes NGOs likeBhagwan Mahaveer ViklangSahayataSamiti were extending great support to the government.
Physically Disabled Population in 2011-census:
- The 2011 Census says the number of disabled, which was2.68 crore that had 1.5 crore males and 1.18 crore females.
- Rural areas have more disabled people than urban areas. In Maharashtra, Andhra Pradesh, Odisha, Jammu and Kashmir and Sikkim, the disabled account for 5% of the totalpopulation, while Tamil Nadu and Assam are among those where the disabled population is less than 1.75% of the total population.
- According to the census, 20.3% of the disabled are movement disabled followed by hearing impaired (18.9%) and visually impaired (18.8%). Nearly 5.6% of the disabled population is mentally challenged, a classification introduced in the 2011 census.
Union government is set to issueuniversal identity cards to the physically challenged with the objective of providing them easy access to various benefits being extended by the government- The government was progressing towards distribution of modern motorized wheelchairs with British financial assistance and was also taking up the manufacturing of tricycles with German technological backup.
- Besides, steps were taken to provide barrier–free access to all government buildings in 50 cities and towns in a phased manner.
- The cochlear implantations costing Rs.6 lakh were being done free of cost with the help of donations that comes NGOs likeBhagwan Mahaveer ViklangSahayataSamiti were extending great support to the government.
Physically Disabled Population in 2011-census:- The 2011 Census says the number of disabled, which was2.68 crore that had 1.5 crore males and 1.18 crore females.
- Rural areas have more disabled people than urban areas. In Maharashtra, Andhra Pradesh, Odisha, Jammu and Kashmir and Sikkim, the disabled account for 5% of the totalpopulation, while Tamil Nadu and Assam are among those where the disabled population is less than 1.75% of the total population.
- According to the census, 20.3% of the disabled are movement disabled followed by hearing impaired (18.9%) and visually impaired (18.8%). Nearly 5.6% of the disabled population is mentally challenged, a classification introduced in the 2011 census.
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